Canada is the world's 12th largest exporter and also, the ninth largest importer in the world. Recently, in 2016, Canada exported $387 billion but also imported $399 billion worth of products.
Canada's Exports
Canada is a large exporter but annually the exports of Canada have been decreasing. Recently, Canada's largest export are cars which conclude to 13% of all exports. Crude petroleum represents for 10% of all exports, as well as unspecified exports which account for 5.2%. Other exports from Canada include but not limited to, gold (3.2%), vehicle parts (2.7%),refined petroleum (2.1%), petroleum gas (2%), packaged medicaments (1.9%) and also wheat (1.2%.)
Canada's Imports
Canada relies on imports to supply what is needed in Canada. The largest import to Canada are cars which account for 6.6% of total imports. Another large import to Canada are vehicle parts which conclude for 5.1% of total imports. Examples of imports to Canada are, delivery trucks (3.3%), computers (2.2%), refined petroleum (2.8%), crude petroleum (2.7%) , human or animal blood (0.87%) and coconut oil (0.47%.)
Destinations for Canada's Exports
The United States is the largest importer of Canadian exports, representing 76% of Canada's exports. Other top destinations for Canada's exports are, China (4.1%), United Kingdom (3.3%), and Japan (2.1%).
The Relationship Between Canada and the United States
Canada and the United States have the biggest trading relationship in the world. Canada's largest trading partner is the United States. The biggest trading partner for the United States is China but Canada comes in at a close second. Watch this video to learn about the trading relationship between Canada and the United States.
Origins of Canada's Imports
The top origin for Canada's imports are United States accounting for 53% of total imports. Canada also imports 12% of total imports from China, 3.3% from Germany and 3% from Japan. Other origins of Canada's imports include, South Korea (2%), Italy (1.4%) and France (1.1%.)
Advantages of International Trade in Canada
International trade benefits economies in many ways. These are the ways that international trade gives an advantage to Canada.
Advantages of Exporting
creates more jobs (due to a bigger market)
boosts the growth of economies
gives companies more experience in producing for foreign markets
gives opportunities to countries to mass produce a product that they're experts at producing and sell it on a global scale (ex. oil&gas in Alberta)
potential for higher sales and profits
overall a better economy
stabilize seasonal markets
reduce dependence on one market
potential for expansion of business
gain a global market share
Advantages of Importing
allow foreign competition to reduce prices of goods and services for consumers
the competition between corporations and different companies allow for high quality products at a decreased price
gives consumers more variety of products and services that were once not available domestically
countries do not have to produce everything they need
allows nations to be more efficient by only producing their specialty products (comparative advantage)
encourage innovation and new ideas
allows countries to obtain foods that they are not able to grow or are in need of (ex. mangoes, bananas in Canada)
Canadians are able to enjoy fresh fruits and vegetables in the winter
access to International culture (ex. food, movies)
ability to depend on other countries for needed resources
Disadvantages of Trade in Canada
International trade can be beneficial in many ways but it also has it's disadvantages.
corporations outsource jobs (this is when companies relocate manufacturing or call centers in developing countries with a lower minimum wage)
outsourcing jobs leads to less jobs domestically and more jobs in foreign countries
exporting harmful chemicals can destroy the environment or risk health of individuals of the importing country
small local manufacturers can go out of business
exhaustion of natural resources
big corporations could take advantage of developing countries
Canada and Its Trade Partners I
Canada is the world's 12th largest exporter and also, the ninth largest importer in the world. Recently, in 2016, Canada exported $387 billion but also imported $399 billion worth of products.
Canada's Exports
Canada is a large exporter but annually the exports of Canada have been decreasing. Recently, Canada's largest export are cars which conclude to 13% of all exports. Crude petroleum represents for 10% of all exports, as well as unspecified exports which account for 5.2%. Other exports from Canada include but not limited to, gold (3.2%), vehicle parts (2.7%),refined petroleum (2.1%), petroleum gas (2%), packaged medicaments (1.9%) and also wheat (1.2%.)
Canada's Imports
Canada relies on imports to supply what is needed in Canada. The largest import to Canada are cars which account for 6.6% of total imports. Another large import to Canada are vehicle parts which conclude for 5.1% of total imports. Examples of imports to Canada are, delivery trucks (3.3%), computers (2.2%), refined petroleum (2.8%), crude petroleum (2.7%) , human or animal blood (0.87%) and coconut oil (0.47%.)
Destinations for Canada's Exports
The United States is the largest importer of Canadian exports, representing 76% of Canada's exports. Other top destinations for Canada's exports are, China (4.1%), United Kingdom (3.3%), and Japan (2.1%).
The Relationship Between Canada and the United States
Canada and the United States have the biggest trading relationship in the world. Canada's largest trading partner is the United States. The biggest trading partner for the United States is China but Canada comes in at a close second. Watch this video to learn about the trading relationship between Canada and the United States.
Origins of Canada's Imports
The top origin for Canada's imports are United States accounting for 53% of total imports. Canada also imports 12% of total imports from China, 3.3% from Germany and 3% from Japan. Other origins of Canada's imports include, South Korea (2%), Italy (1.4%) and France (1.1%.)
Advantages of International Trade in Canada
International trade benefits economies in many ways. These are the ways that international trade gives an advantage to Canada.
Advantages of Exporting
Advantages of Importing
Disadvantages of Trade in Canada
International trade can be beneficial in many ways but it also has it's disadvantages.
Bibliography
“Canada.”, Observatory of Economic Complexity, N.D. https://atlas.media.mit.edu/en/profile/country/can/
connect2canada, “Canada- United States Trade Relationship.” ,Youtube, March 10, 2014, https://www.youtube.com/watch?v=aOFviMC05uk
“Cross-border trading: how landed costs can boost your global trade.”, Xcellco, N.D.https://www.xsellco.com/resources/cross-border-trading-landed-costs/
The Economics Detective, “Gains from Trade.”, Youtube, July 14, 2012, https://www.youtube.com/watch?v=L90IsEykPfU&index=4&list=PLGNohFG99JpzxfDFhSvHQ0F2n3QdAw9cF
Kimberly Amadeo,“International Trade, Pros, Cons, Effect on Economy.”, The Balance, October 6, 2017,https://www.thebalance.com/international-trade-pros-cons-effect-on-economy-3305579
Marketplace APM, “Lets do the numbers on U.S. trade with Canada.”, Youtube, March 21, 2017, https://www.youtube.com/watch?v=iethldcfvBY
Shawn Allen, “The Canadian Economy at a Glance.”, Investors Friend,April 18, 2017,http://www.investorsfriend.com/canadian-gdp-canadian-imports-and-exports/